- Pursuit delivered record revenue and GES outperformed
expectations in 2022
- Delivered strong 2022 results through strategic focus on
scaling Pursuit and improving GES’ profitability
- Growth expected to continue in 2023 with fewer COVID
restrictions on international travel and acceleration of new
Pursuit experiences
Viad Corp (NYSE: VVI), a leading provider of experiential
leisure travel and live events and marketing experiences, today
reported results for the three months and year ended December 31,
2022.
Financial Highlights
Three months ended December
31,
Year ended December
31,
(in millions)
2022
2021
Change
2022
2021
Change
Revenue
$
248.0
$
183.6
$
64.5
$
1,127.3
$
507.3
$
620.0
Net Income (Loss) Attributable to
Viad**
(5.7
)
(22.5
)
16.8
23.2
(92.7
)
115.9
Net Income (Loss) Before Other Items*
(25.5
)
(22.5
)
(3.0
)
12.3
(81.6
)
93.9
Consolidated Adjusted EBITDA*
(2.0
)
(3.8
)
1.8
116.1
1.3
114.8
- Revenue increased by $64.5 million for the quarter and $620.0
million for the full year driven by the continued recovery of live
event activity and leisure travel.
- Net loss attributable to Viad for the fourth quarter improved
by $16.8 million primarily as a result of a gain on the sale of a
non-core business. Full year net income attributable to Viad
increased by $115.9 million primarily due to higher revenue.
- Consolidated adjusted EBITDA* improved by $1.8 million for the
quarter and $114.8 million for the full year, in-line with our
prior guidance.
* Refer to Table Two of this press release for a discussion and
reconciliation of this non-GAAP financial measure to its most
directly comparable GAAP financial measure.
**Net Income (Loss) Attributable to Viad for the twelve months
ended December 31, 2022 reflects the correction of an error
identified during our year-end close and review procedures related
to the remeasurement of a finance lease obligation as of September
30, 2022. Additional details regarding this error can be found in a
Form 8-K filed by the Company on February 9, 2023.
Steve Moster, Viad’s president and chief executive officer,
commented, “We experienced very strong recovery across our
businesses this year. Revenue more than doubled year-over-year and
consolidated adjusted EBITDA reached $116.1 million. GES
significantly outperformed our expectations as live event activity
returned faster than we anticipated. Pursuit posted record revenue
and added two new iconic experiences to its collection.”
Moster continued, “Our actions to scale Pursuit, transform GES
Exhibitions’ cost structure, and strengthen Spiro’s capabilities
are positioning us for strong future earnings potential. I am proud
of our performance in 2022 and excited about the road ahead.”
Pursuit Results
Three months ended December
31,
Year ended December
31,
(in millions)
2022
2021
Change
2022
2021
Change
Revenue
Same Store
$
24.2
$
18.3
$
5.9
$
256.1
$
171.4
$
84.7
New Experiences**
10.0
5.1
4.8
43.2
15.6
27.6
Total Pursuit
$
34.1
$
23.4
$
10.8
$
299.3
$
187.0
$
112.3
Adjusted EBITDA*
Same Store
$
(12.0
)
$
(9.0
)
$
(3.0
)
$
61.0
$
39.4
$
21.6
New Experiences**
0.8
(0.9
)
1.6
6.9
3.3
3.6
Total Pursuit
$
(11.3
)
$
(9.9
)
$
(1.4
)
$
67.9
$
42.7
$
25.3
* Refer to Table Two of this press release for a discussion and
reconciliation of this non-GAAP financial measure to its most
directly comparable GAAP financial measure.
**New Experiences comprises the following attractions and hotel
properties that were opened or acquired after January 1, 2021: Sky
Lagoon (opened May 2021), Golden Skybridge (acquired March 2021 and
opened June 2021), FlyOver Las Vegas (opened September 2021),
Glacier Raft Company (acquired April 2022), and Forest Park Hotel
(opened August 2022).
Fourth Quarter
- Revenue increased $10.8 million (46%) from the 2021 fourth
quarter.
- Same-store revenue from experiences that were owned and open
prior to 2021 increased $5.9 million primarily due to stronger
visitation at our year-round Canadian experiences, which were
impacted in 2021 by border restrictions.
- Revenue from new experiences opened or acquired from 2021
forward increased $4.8 million, reflecting the continued ramping of
Sky Lagoon and FlyOver Las Vegas as well as the addition of Forest
Park Alpine Hotel.
- Adjusted EBITDA decreased by $1.4 million from the 2021 fourth
quarter primarily due to higher expenses during the seasonally slow
quarter, partially offset by the increase in revenue.
Regarding Pursuit’s results, Moster commented, “Full year
revenue increased 60 percent from 2021 and reached record levels
due to our Refresh, Build, Buy growth strategy. We are making
significant progress scaling Pursuit through investing in new
experiences and elevating our existing collection. Pursuit posted
solid year-over-year growth in 2022 driven by improved
international tourism to Canada and Iceland, continued strong
results from our U.S. hotels, and incremental performance from our
new experiences.”
Moster continued, “Our new experiences continue to build
awareness and ramp with favorable contributions to both revenue and
adjusted EBITDA. At FlyOver Las Vegas, our marketing and ticket
distribution networking efforts are taking hold and resulted in a
21 percent sequential quarter increase in visitation. Sky Lagoon
remained a strong performer and delivered a 61 percent increase in
visitation from the 2021 fourth quarter. I look forward to seeing
our iconic, unforgettable, and inspiring new experiences reach
their full earnings potential.”
GES Results
Three months ended December
31,
Year ended December
31,
(in millions)
2022
2021
Change
2022
2021
Change
Revenue
Spiro
$
72.1
$
54.7
$
17.4
$
277.6
$
116.6
$
161.1
GES Exhibitions
143.6
108.2
35.4
557.9
209.5
348.4
Inter-segment Eliminations
(1.8
)
(2.7
)
0.9
(7.5
)
(5.8
)
(1.7
)
Total GES
$
213.9
$
160.2
$
53.7
$
828.0
$
320.3
$
507.7
Adjusted EBITDA*
Spiro
$
5.8
$
6.4
$
(0.6
)
$
27.0
$
(4.3
)
$
31.3
GES Exhibitions
6.9
3.2
3.7
34.3
(26.1
)
60.4
Total GES
$
12.7
$
9.6
$
3.1
$
61.3
($
30.4
)
$
91.6
* Refer to Table Two of this press release for a discussion and
reconciliation of this non-GAAP financial measure to its most
directly comparable GAAP financial measure.
Fourth Quarter
- Revenue increased $53.7 million (34%) from the 2021 fourth
quarter primarily driven by increased live event activity at both
GES Exhibitions and Spiro.
- Adjusted EBITDA increased by $3.1 million from the 2021 fourth
quarter primarily due to higher revenue, offset in part by higher
costs to support increased business activity.
Regarding GES’ overall results, Moster commented, “GES delivered
significant year-over-year growth in 2022 as live event activity
improved at an accelerated pace. Same-show revenues for events
produced by our U.S. exhibitions team grew from 67 percent of 2019
pre-pandemic levels in the 2021 fourth quarter to about 90 percent
by the 2022 second quarter and remained at that level through the
rest of the year. Spiro saw similar improvements in spending from
corporate clients compared to 2019 pre-pandemic levels, and we are
building our strong client roster with new business wins.”
Moster continued, “I am pleased with the transformational cost
structure changes we implemented at GES that enabled us to maintain
strong profitability as live events returned. We ended the year at
a steady cost run rate for GES Exhibitions to continue servicing a
more normalized level of event activity. We remain focused on
building Spiro into a world-class, integrated marketing solutions
agency through investing in creative talent and expanding our
capabilities beyond the trade show floor to fuel growth. GES is
well-positioned to return to generating meaningful positive free
cash flow.”
Balance Sheet and Cash Flow Highlights
We ended the year with total liquidity of $146.4 million,
comprising cash and cash equivalents of $59.7 million and $86.7
million of capacity available on our revolving credit facility
($100 million total facility size, less $13.3 million in letters of
credit). Our debt totaled $481.8 million, including $395 million
outstanding on our Term Loan B, financing lease obligations of
approximately $65 million (which primarily comprises real estate
leases at Pursuit), and approximately $22 million in other
debt.
Our 2022 fourth quarter cash flow from operations was an outflow
of approximately $33 million, our capital expenditures totaled
approximately $12 million, and we paid approximately $2 million in
cash dividends on our convertible preferred equity. Our net debt
payments during the quarter were approximately $4 million.
On December 15, we completed the sale of the assets of ON
Services, a US-based audio-visual services business that operated
as part of GES, for cash proceeds of approximately $30 million.
This transaction enhances our balance sheet and builds on the
strategic transformational changes that we have implemented at GES
over the past few years by further simplifying GES’ operating
model.
Our 2022 full year cash flow from operations was an inflow of
approximately $72 million, our capital expenditures totaled
approximately $67 million. We acquired Glacier Raft Company for
approximately $25 million and sold ON Services for approximately
$30 million. We paid approximately $8 million in cash dividends on
our convertible preferred equity and our net debt proceeds during
the year were approximately $4 million.
Moster commented, “We remain focused on disciplined capital
management, driving strong free cash flow at GES and investing in
high-return growth opportunities at Pursuit. I am thrilled with the
progress we have made to scale Pursuit with smart investments in
extraordinary experiences through our Refresh, Build, Buy growth
strategy. This year, we added a high-quality attraction experience
to our Glacier Park Collection, opened a remarkable new hotel in
downtown Jasper, and continued to make headway with other exciting
growth investments, including FlyOver Chicago and a new mountain
coaster at our Golden Skybridge attraction.”
2023 Outlook
Regarding Viad’s outlook, Moster commented, “We expect continued
growth in 2023 and are sharply focused on maximizing performance
from our existing businesses. Pursuit will have meaningful
tailwinds from the lifting of COVID restrictions that restrained
international visitation during much of 2021 and the continued
acceleration of our new experiences. GES will see some headwinds
from negative show rotation in the third quarter, which we expect
to mostly offset with stronger first quarter performance and new
wins at Spiro.”
Moster concluded, “We are experiencing strong advance bookings
at Pursuit and healthy demand from GES Exhibitions and Spiro
clients for 2023 with no signs of a slowdown in our industries at
this point. That said, with an uncertain macro backdrop, we will
make prudent decisions with respect to cost structure and capital
investments to advance our strategic goals while also protecting
our balance sheet.”
Our guidance for Pursuit is as follows:
(in millions)
First Quarter
Full Year
Key Assumptions
Pursuit
Revenue
$28 to $32
vs. $23.8 in 2022
Up ~10% to 15%
vs. $299.3 in 2022
- Expect revenue growth in 2023 will be driven by:
- Lifting of all COVID restrictions at the Canadian border
- Acceleration of new experiences
- Ongoing focus on improving the guest experience
Adjusted EBITDA
($14) to ($11)
vs. ($11.5) in 2022
$85 to $95
vs. $67.9 in 2022
- Anticipate FY margin expansion as visitation increases, the
performance of newer experiences improves, and pandemic-era cost
pressures ease
Our guidance for GES is as follows:
(in millions)
First Quarter
Full Year
Key Assumptions
GES
Revenue
$195 to $215
vs. $153.6 in 2022
Down ~5%
vs. $828.0 in 2022
- Expect GES will mostly offset the headwinds of negative show
rotation revenue ($30M) and the sale of ON Services ($50M) in 2023
- Exhibitions same show revenue expected to remain at ~90% of
2019 levels
- Spiro clients’ marketing spend expected to be similar to 2022,
plus new client wins
Adjusted EBITDA
$8 to $11
vs. $2.7 in 2022
$48 to $58
vs. $61.3 in 2022
- We intend to continue investing in Spiro to fuel growth in 2023
and beyond by expanding capabilities and adding new services
Conference Call Details
Management will host a conference call to review fourth quarter
and full year 2022 results on Thursday, February 9, 2023, at 5 p.m.
(Eastern Time).
To join the live conference call, please register at least 10
minutes before the start of the call using the following link:
https://conferencingportals.com/event/KFfVIwkJ. After registering,
an email confirmation will be sent that includes dial-in
information as well as unique codes for entry into the live call.
Registration will be open throughout the call.
A live audio webcast of the call will also be available in
listen-only mode through the "Investors" section of our website. A
replay of the webcast will be available on our website shortly
after the call and, for a limited time, by calling (800) 770-2030
or (647) 362-9199 and entering the conference ID 90039.
Additionally, we will post a supplemental presentation,
containing highlights of our results, trends and outlook, on the
“Investors” section of our website prior to the conference call. We
will refer to this presentation during the call.
About Viad
Viad (NYSE: VVI), is a leading global provider of extraordinary
experiences, including hospitality and leisure activities,
experiential marketing, and live events through two businesses:
Pursuit and GES. Our business strategy focuses on delivering
extraordinary experiences for our teams, clients and guests, and
significant and sustainable growth and above-market returns for our
shareholders. Viad is an S&P SmallCap 600 company.
Pursuit is a collection of inspiring and unforgettable travel
experiences in Alaska, Montana, the Canadian Rockies, Vancouver,
Reykjavik, and Las Vegas, as well as new experiences planned in
Chicago and Toronto. Pursuit’s collection includes attractions,
lodges and hotels, and sightseeing tours that connect guests with
iconic places.
GES is a global, full-service live events company offering a
comprehensive range of services to the world's leading brands and
event organizers through two reportable segments, Spiro and GES
Exhibitions. Spiro is an experiential marketing agency that
partners with leading brands around the world to manage and elevate
their global experiential marketing activities. GES Exhibitions is
a global exhibition services company that partners with leading
exhibition and conference organizers as a full-service provider of
strategic and logistics solutions to manage the complexity of their
shows with teams throughout North America, Europe, and the Middle
East.
For more information, visit www.viad.com.
Forward-Looking Statements
This press release contains a number of forward-looking
statements. Words, and variations of words, such as “will,” “may,”
“expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,”
“estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,”
“target,” “outlook,” and similar expressions are intended to
identify our forward-looking statements. Similarly, statements that
describe our business strategy, outlook, objectives, plans,
intentions, or goals also are forward-looking statements. These
forward-looking statements are not historical facts and are subject
to a host of risks and uncertainties, many of which are beyond our
control, which could cause actual results to differ materially from
those in the forward-looking statements.
Important factors that could cause actual results to differ
materially from those described in our forward-looking statements
include, but are not limited to, the following:
- general economic uncertainty in key global markets and a
worsening of global economic conditions;
- travel industry disruptions;
- seasonality of our businesses;
- the impact of the COVID-19 pandemic on our financial condition,
liquidity, and cash flow;
- our ability to anticipate and adjust for the impact of the
COVID-19 pandemic on our businesses;
- unanticipated delays and cost overruns of our capital projects,
and our ability to achieve established financial and strategic
goals for such projects;
- our exposure to labor shortages, turnover, and labor cost
increases;
- the importance of key members of our account teams to our
business relationships;
- our ability to manage our business and continue our growth if
we lose any of our key personnel;
- the competitive nature of the industries in which we
operate;
- our dependence on large exhibition event clients;
- adverse effects of show rotation on our periodic results and
operating margins;
- transportation disruptions and increases in transportation
costs;
- natural disasters, weather conditions, accidents, and other
catastrophic events;
- our exposure to labor cost increases and work stoppages related
to unionized employees;
- our multi-employer pension plan funding obligations;
- our ability to successfully integrate and achieve established
financial and strategic goals from acquisitions;
- our exposure to cybersecurity attacks and threats;
- our exposure to currency exchange rate fluctuations;
- liabilities relating to prior and discontinued operations;
and
- compliance with laws governing the storage, collection,
handling, and transfer of personal data and our exposure to legal
claims and fines for data breaches or improper handling of such
data.
For a more complete discussion of the risks and uncertainties
that may affect our business or financial results, please see Item
1A, “Risk Factors,” of our most recent annual report on Form 10-K
filed with the SEC. We disclaim and do not undertake any obligation
to update or revise any forward-looking statement in this press
release except as required by applicable law or regulation.
Forward-Looking Non-GAAP Measures
The company has not quantitatively reconciled its guidance for
adjusted EBITDA to its respective most comparable GAAP financial
measure because certain reconciling items that impact this metric
including, provision for income taxes, interest expense,
restructuring or impairment charges, acquisition-related costs, and
attraction start-up costs have not occurred, are out of the
company’s control, or cannot be reasonably predicted. Accordingly,
reconciliations to the nearest GAAP financial measure are not
available without unreasonable effort. Please note that the
unavailable reconciling items could significantly impact the
company’s results as reported under GAAP.
VIAD CORP AND
SUBSIDIARIES
TABLE ONE - QUARTERLY AND FULL
YEAR RESULTS
(UNAUDITED)
Three months ended December
31,
Year ended December 31,
(in thousands, except per share data)
2022
2021
$ Change
% Change
2022
2021
$ Change
% Change
Revenue: Pursuit
$
34,148
$
23,390
$
10,758
46.0
%
299,327
187,048
112,279
60.0
%
GES: Spiro
72,123
54,718
17,405
31.8
%
$
277,641
$
116,587
$
161,054
** GES Exhibitions
143,577
108,182
35,395
32.7
%
557,880
209,529
348,351
** Inter-segment eliminations
(1,821
)
(2,717
)
896
33.0
%
(7,537
)
(5,824
)
(1,713
)
-29.4
%
Total GES
213,879
160,183
53,696
33.5
%
$
827,984
$
320,292
$
507,692
**
Total revenue
$
248,027
$
183,573
$
64,454
35.1
%
$
1,127,311
$
507,340
$
619,971
**
Segment operating income (loss) Pursuit
$
(20,091
)
$
(18,574
)
(1,517
)
-8.2
%
24,031
4,609
19,422
** GES: Spiro
4,805
5,223
(418
)
-8.0
%
23,133
(9,556
)
$
32,689
** GES Exhibitions
3,992
(534
)
4,526
**
21,780
(42,055
)
63,835
** Total GES
8,797
4,689
4,108
87.6
%
44,913
(51,611
)
96,524
**
Segment operating income (loss)
$
(11,294
)
$
(13,885
)
$
2,591
18.7
%
$
68,944
$
(47,002
)
$
115,946
** Corporate eliminations
16
18
(2
)
-11.1
%
67
70
(3
)
-4.3
%
Corporate activities (Note A)
(3,537
)
(3,585
)
48
1.3
%
(13,418
)
(11,689
)
(1,729
)
-14.8
%
Gain on sale of ON Services (Note B)
19,637
-
19,637
**
19,637
-
19,637
** Restructuring (charges) recoveries (Note C)
408
(267
)
675
**
(3,059
)
(6,066
)
3,007
49.6
%
Impairment charges
-
-
-
**
(583
)
-
(583
)
** Other expense
(547
)
(507
)
(40
)
-7.9
%
(2,077
)
(2,070
)
(7
)
-0.3
%
Net interest expense (Note D)
(11,001
)
(8,156
)
(2,845
)
-34.9
%
(34,891
)
(28,324
)
(6,567
)
-23.2
%
Income (loss) from continuing operations before income taxes
(6,318
)
(26,382
)
20,064
76.1
%
34,620
(95,081
)
129,701
** Income tax (expense) benefit (Note E)
(386
)
1,906
(2,292
)
**
(9,973
)
1,788
(11,761
)
** Income (loss) from continuing operations
(6,704
)
(24,476
)
17,772
72.6
%
24,647
(93,293
)
117,940
** Income (loss) from discontinued operations
(137
)
24
(161
)
**
148
558
(410
)
-73.5
%
Net income (loss)
(6,841
)
(24,452
)
17,611
72.0
%
24,795
(92,735
)
117,530
** Net (income) loss attributable to noncontrolling interest
708
1,363
(655
)
-48.1
%
(2,323
)
(1,686
)
(637
)
-37.8
%
Net loss attributable to redeemable noncontrolling interest
394
545
(151
)
-27.7
%
748
1,766
(1,018
)
-57.6
%
Net income (loss) attributable to Viad
$
(5,739
)
$
(22,544
)
$
16,805
74.5
%
$
23,220
$
(92,655
)
$
115,875
** Amounts Attributable to Viad: Income (loss)
from continuing operations
$
(5,602
)
$
(22,568
)
$
16,966
75.2
%
$
23,072
$
(93,213
)
$
116,285
** Income (loss) from discontinued operations
(137
)
24
(161
)
**
148
558
(410
)
-73.5
%
Net income (loss)
$
(5,739
)
$
(22,544
)
$
16,805
74.5
%
$
23,220
$
(92,655
)
$
115,875
** Income (loss) per common share attributable to
Viad (Note F): Basic income (loss) per common share
$
(0.37
)
$
(1.23
)
$
0.86
69.9
%
$
0.54
$
(5.01
)
$
5.55
** Diluted income (loss) per common share
$
(0.37
)
$
(1.23
)
$
0.86
69.9
%
$
0.53
$
(5.01
)
$
5.54
**
Weighted-average common shares outstanding: Basic
weighted-average outstanding common shares
20,656
20,456
200
1.0
%
20,589
20,411
178
0.9
%
Additional dilutive shares related to share-based compensation
-
-
-
**
223
-
223
** Diluted weighted-average outstanding common shares
20,656
20,456
200
1.0
%
20,812
20,411
401
2.0
%
Adjusted EBITDA* by Reportable Segment: Pursuit
$
(11,251
)
$
(9,854
)
$
(1,397
)
-14.2
%
$
67,949
$
42,689
$
25,260
59.2
%
GES: Spiro
5,795
6,430
(635
)
-9.9
%
26,975
(4,279
)
31,254
** GES Exhibitions
6,926
3,219
3,707
**
34,282
(26,084
)
60,366
** Total GES
12,721
9,649
3,072
31.8
%
61,257
(30,363
)
91,620
** Corporate
(3,476
)
(3,596
)
120
3.3
%
(13,089
)
(10,986
)
(2,103
)
-19.1
%
Consolidated Adjusted EBITDA
(2,006
)
(3,801
)
1,795
47.2
%
116,117
1,340
114,777
**
As of December 31,
Capitalization Data:
2022
2021
$ Change
% Change
Cash and cash equivalents
59,719
61,600
(1,881
)
-3.1
%
Total debt
481,792
474,184
7,608
1.6
%
Viad shareholders' equity
14,530
6,282
8,248
** Non-controlling interests (redeemable and non-redeemable)
87,266
91,000
(3,734
)
-4.1
%
Convertible Series A Preferred Stock (Note G): Convertible
preferred stock (including accumulated dividends paid in kind)***
141,827
141,827
-
0.0
%
Equivalent number of common shares
6,674
6,674
-
0.0
%
* Refer to Table Two for a discussion and
reconciliation of this non-GAAP financial measure to its most
directly comparable GAAP financial measure. ** Change is greater
than +/- 100 percent *** Amount shown excludes transaction costs,
which are netted against the value of the preferred shares when
presented on Viad's balance sheet.
VIAD CORP AND
SUBSIDIARIES TABLE ONE - NOTES TO QUARTERLY AND FULL YEAR
RESULTS (UNAUDITED) (A) Corporate Activities —
The increase in corporate activities expense during 2022 relative
to 2021 was primarily due to higher performance-based compensation
expense. (B) Gain on Sale of ON Services — On December 15,
2022, we completed the sale of substantially all of the assets of
GES’ United States audio-visual production business, ON Services.
We recognized a gain on sale of approximately $19.6 million.
(C) Restructuring (Charges) Recoveries — Restructuring charges
during 2022 and 2021 were primarily related to facility closures
and severance at GES. In response to the COVID-19 pandemic, we
accelerated our transformation and streamlining efforts at GES to
significantly reduce costs and create a lower and more flexible
cost structure focused on servicing our more profitable market
segments. (D) Net Interest Expense — The increase in
interest expense during 2022 relative to 2021 was primarily due to
higher interest rates and higher debt balances in 2022, offset in
part by $3.0 million in capitalized interest recorded during 2022.
Additionally, as a result of the refinance and the repayment of our
then 2018 Credit Facility, we recorded $2.1 million of interest
expense related to the write-off of unamortized debt issuance costs
during 2021. (E) Income Tax (Expense) Benefit – Our
effective income tax rate was 29% for 2022 as compared to 2% for
2021. The effective rate for 2022 was higher than the blended
statutory rate primarily as a result of the higher mix of income
earned in foreign jurisdictions where we do not have a valuation
allowance. The effective rate for 2021 was lower than the blended
statutory rate primarily as a result of excluding the tax benefit
on losses recognized in the United States, the United Kingdom, and
other European countries where we have a valuation allowance.
(F) Income (Loss) per Common Share — We apply the two-class
method in calculating income (loss) per common share as preferred
stock and unvested share-based payment awards that contain
nonforteitable rights to dividends are considered participating
securities. Accordingly, such securities are included in the
earnings allocation in calculating income per share. Diluted income
(loss) per common share is calculated using the more dilutive of
the two-class method or as-converted method. The two-class method
uses net income (loss) available to common stockholders and assumes
conversion of all potential shares other than participating
securities. The as-converted method uses net income (loss)
available to common shareholders and assumes conversion of all
potential shares including participating securities. Dilutive
potential common shares include outstanding stock options, unvested
restricted share units and convertible preferred stock.
Additionally, the adjustment to the carrying value of redeemable
non-controlling interests is reflected in income (loss) per common
share. The components of basic and diluted income (loss) per share
are as follows: Three months ended December 31, Year ended
December 31, (in thousands)
2022
2021
$ Change
% Change
2022
2021
$ Change
% Change
Net income (loss) attributable to Viad
$
(5,739
)
$
(22,544
)
$
16,805
74.5
%
$
23,220
$
(92,655
)
$
115,875
** Convertible preferred stock dividends paid in cash
(1,950
)
(1,950
)
-
0.0
%
(7,801
)
(3,900
)
(3,901
)
** Convertible preferred stock dividends paid in kind
-
-
-
**
-
(3,821
)
3,821
-100.0
%
Adjustment to the redemption value of redeemable noncontrolling
interest
-
(706
)
706
-100.0
%
(763
)
(1,797
)
1,034
57.5
%
Undistributed income (loss) attributable to Viad
(7,689
)
(25,200
)
17,511
69.5
%
14,656
(102,173
)
116,829
** Less: Allocation to participating securities
-
-
-
**
(3,600
)
-
(3,600
)
**
Net income (loss) allocated to Viad common shareholders
(basic)
$
(7,689
)
$
(25,200
)
$
17,511
69.5
%
$
11,056
$
(102,173
)
$
113,229
** Add: Allocation to participating securities
-
-
-
**
30
-
-
**
Net income (loss) allocated to Viad common shareholders
(diluted)
$
(7,689
)
$
(25,200
)
$
17,511
69.5
%
$
11,086
$
(102,173
)
$
113,229
** Basic weighted-average outstanding common
shares
20,656
20,456
200
1.0
%
20,589
20,411
178
0.9
%
Additional dilutive shares related to share-based compensation
-
-
-
**
223
-
223
**
Diluted weighted-average outstanding common shares
20,656
20,456
200
1.0
%
20,812
20,411
401
2.0
% (G) Convertible Series A Preferred Stock — On August 5,
2020, we entered into an Investment Agreement with funds managed by
private equity firm Crestview Partners, relating to the issuance of
135,000 shares of newly issued Convertible Series A Preferred
Stock, par value $0.01 per share, for an aggregate purchase price
of $135 million or $1,000 per share. The Convertible Series A
Preferred Stock carries a 5.5% cumulative quarterly dividend, which
is payable in cash or in-kind at Viad’s option and is convertible
into shares of our common stock at a conversion price of $21.25 per
share. A total of $6.8 million of dividends have been paid in kind,
including $3.8 million during the first and second quarters of
2021. We began paying preferred stock dividends in cash during the
2021 third quarter and we intend to pay in cash for the foreseeable
future.
VIAD CORP AND SUBSIDIARIES TABLE TWO - NON-GAAP
FINANCIAL MEASURES (UNAUDITED) IMPORTANT
DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES This
document includes the presentation of "Income (Loss) Before Other
Items", "Adjusted EBITDA", "Segment Operating Income (Loss)", and
"Adjusted Segment Operating Income (Loss)", which are supplemental
to results presented under accounting principles generally accepted
in the United States of America (“GAAP”) and may not be comparable
to similarly titled measures presented by other companies. These
non-GAAP measures are utilized by management to facilitate
period-to-period comparisons and analysis of Viad’s operating
performance and should be considered in addition to, but not as
substitutes for, other similar measures reported in accordance with
GAAP. The use of these non-GAAP financial measures is limited,
compared to the GAAP measure of net income attributable to Viad,
because they do not consider a variety of items affecting Viad’s
consolidated financial performance as reconciled below. Because
these non-GAAP measures do not consider all items affecting Viad’s
consolidated financial performance, a user of Viad’s financial
information should consider net income attributable to Viad as an
important measure of financial performance because it provides a
more complete measure of the Company’s performance. Income
(Loss) Before Other Items, Segment Operating Income (Loss), and
Adjusted Segment Operating Income (Loss) are considered useful
operating metrics, in addition to net income attributable to Viad,
as potential variations arising from non-operational
expenses/income are eliminated, thus resulting in additional
measures considered to be indicative of Viad’s performance.
Management believes that the presentation of Adjusted EBITDA
provides useful information to investors regarding Viad’s results
of operations for trending, analyzing and benchmarking the
performance and value of Viad’s business. Management also believes
that the presentation of Adjusted EBITDA for acquisitions and other
major capital projects enables investors to assess how effectively
management is investing capital into major corporate development
projects, both from a valuation and return perspective. Three
months ended December 31, Year ended December 31, (in thousands,
except per share data)
2022
2021
$ Change
% Change
2022
2021
$ Change
% Change
Income (loss) before other items: Net income (loss)
attributable to Viad
$
(5,739
)
$
(22,544
)
$
16,805
74.5
%
$
23,220
$
(92,655
)
$
115,875
** (Income) loss from discontinued operations attributable to Viad
137
(24
)
161
**
(148
)
(558
)
410
73.5
%
Income (loss) from continuing operations attributable to Viad
(5,602
)
(22,568
)
16,966
75.2
%
23,072
(93,213
)
116,285
** Gain on sale of ON Services, pre-tax
(19,637
)
-
(19,637
)
**
(19,637
)
-
(19,637
)
** Restructuring charges (recoveries), pre-tax
(408
)
267
(675
)
**
3,059
6,066
(3,007
)
-49.6
%
Impairment charges, pre-tax
-
-
-
**
583
-
583
** Pension plan withdrawal, pre-tax
-
-
-
**
-
57
(57
)
-100.0
%
Acquisition-related costs and other non-recurring expenses, pre-tax
(Note A)
572
(113
)
685
**
3,884
6,211
(2,327
)
-37.5
%
Remeasurement of finance lease obligation attributable to Viad,
pre-tax (Note B)
(410
)
-
(410
)
**
2,120
-
2,120
** Tax benefit on above items
16
(43
)
59
**
(755
)
(723
)
(32
)
-4.4
%
Income (loss) before other items
$
(25,469
)
$
(22,457
)
$
(3,012
)
-13.4
%
$
12,326
$
(81,602
)
$
93,928
** The components of income (loss) before
other items per share are as follows: Income (loss) before
other items (as reconciled above)
(25,469
)
(22,457
)
(3,012
)
-13.4
%
12,326
(81,602
)
93,928
** Convertible preferred stock dividends paid in cash
(1,950
)
(1,950
)
-
0.0
%
(7,801
)
(3,900
)
(3,901
)
** Convertible preferred stock dividends paid in kind
-
-
-
**
-
(3,821
)
3,821
-100.0
%
Undistributed income (loss) before other items attributable to Viad
(Note C)
(27,419
)
(24,407
)
(3,012
)
-12.3
%
4,525
(89,323
)
93,848
** Less: Allocation to participating securities (Note D)
-
-
-
**
(1,102
)
-
(1,102
)
** Diluted income (loss) before other items allocated to Viad
common shareholders
$
(27,419
)
$
(24,407
)
$
(3,012
)
-12.3
%
$
3,423
$
(89,323
)
$
92,746
** Diluted weighted-average outstanding common shares
20,656
20,456
200
1.0
%
20,812
20,411
401
2.0
%
Income (loss) before other items per common share
$
(1.33
)
$
(1.19
)
$
(0.14
)
-11.8
%
$
0.16
`
$
(4.38
)
$
4.54
** (A) Acquisition-related costs and other
non-recurring expenses include: Three months ended December 31,
Year ended December 31, (in thousands)
2022
2021
2022
2021
Acquisition integration costs - Pursuit1
$
101
$
-
$
237
$
6
Acquisition transaction-related costs - Pursuit1
24
209
1,259
862
Acquisition transaction-related costs - Corporate2
29
(33
)
68
30
Attraction start-up costs1, 3
418
(289
)
2,169
4,744
Other non-recurring expenses2, 4
-
-
151
569
Acquisition-related and other non-recurring expenses, pre-tax
$
572
$
(113
)
$
3,884
$
6,211
1 Included in segment operating loss 2 Included in corporate
activities 3 Includes costs related to the development of Pursuit's
new FlyOver attractions in Las Vegas, Chicago, and Toronto, the Sky
Lagoon in Iceland, the Golden Skybridge and Forest Park Hotel in
Canada. 4 Includes non-capitalizable fees and expenses related to
Viad’s credit facility refinancing efforts. (B) Remeasurement of
finance lease obligation attributable to Viad represents the
non-cash foreign exchange loss/(gain) included within Cost of
Services related to the periodic remeasurement of the Sky Lagoon
finance lease obligation that is attributed to Viad’s 51% interest
in Sky Lagoon. (C) We exclude the adjustment to the
redemption value of redeemable noncontrolling interest from the
calculation of income before other items per share as it is a
non-cash adjustment that does not affect net income or loss
attributable to Viad. (D) Preferred stock and unvested
share-based payment awards that contain nonforteitable rights to
dividends are considered participating securities. Accordingly,
such securities are included in the earnings allocation in
calculating income (loss) before other items per common share
unless the effect of such inclusion is anti-dilutive. The following
table provides the share data used for calculating the allocation
to participating securities if applicable: Three months ended
December 31, Year ended December 31, (in thousands)
2022
2021
2022
2021
Weighted-average outstanding common shares
20,656
20,456
20,812
20,411
Effect of participating convertible preferred shares (if
applicable)
-
-
6,674
-
Effect of participating non-vested shares (if applicable)
-
-
29
-
Weighted-average shares including effect of participating interests
(if applicable)
20,656
20,456
27,515
20,411
** Change is greater than +/- 100 percent
VIAD CORP AND
SUBSIDIARIES TABLE TWO - NON-GAAP FINANCIAL MEASURES
(CONTINUED) (UNAUDITED) Same-Store - The term
"same-store" is used within this document to refer to results
without the impact of new experiences, if any, until such new
experiences are included in the entirety of both comparable
periods. Management believes that the presentation of "same-store"
results permits investors to better understand Viad's performance
without the effects of new experiences. Three months ended
December 31, 2022 Three months ended December 31, 2021 ($ in
thousands) As Reported New Experiences (Note A) Same-Store As
Reported New Experiences (Note A) Same-Store
Viad
Consolidated: Revenue
$
248,027
$
9,984
$
238,043
$
183,573
$
5,139
$
178,434
Net loss attributable to Viad
$
(5,739
)
$
(22,544
)
Net loss attributable to noncontrolling interest
(708
)
(1,363
)
Net loss attributable to redeemable noncontrolling interest
(394
)
(545
)
(Income) loss from discontinued operations
137
(24
)
Net interest expense
11,001
8,156
Income tax expense (benefit)
386
(1,906
)
Depreciation and amortization
13,041
13,764
Gain on sale of ON Services
(19,637
)
-
Restructuring charges (recoveries)
(408
)
267
Other expense
547
507
Start-up costs (B)
418
(289
)
Acquisition transaction-related costs
53
176
Integration costs
101
-
Remeasurement of finance lease obligation (C)
(804
)
-
Consolidated Adjusted EBITDA
$
(2,006
)
$
755
$
(2,761
)
$
(3,801
)
$
(884
)
$
(2,917
)
Adjusted EBITDA attributable to noncontrolling interest
(246
)
(1,032
)
786
(5
)
(300
)
295
Consolidated Adjusted EBITDA attributable to Viad
$
(2,252
)
$
(277
)
$
(1,975
)
$
(3,806
)
$
(1,184
)
$
(2,622
)
Consolidated Adjusted EBITDA by Business: Pursuit
$
(11,251
)
$
755
$
(12,006
)
$
(9,854
)
$
(884
)
$
(8,970
)
Total GES
12,721
-
12,721
9,649
-
9,649
Total Segment EBITDA
1,470
755
715
(205
)
(884
)
679
Corporate EBITDA
(3,476
)
-
(3,476
)
(3,596
)
-
(3,596
)
Consolidated Adjusted EBITDA
$
(2,006
)
$
755
$
(2,761
)
$
(3,801
)
$
(884
)
$
(2,917
)
Pursuit Adjusted EBITDA: Revenue
$
34,148
$
9,984
$
24,164
$
23,390
$
5,139
$
18,251
Cost of services and products
(54,239
)
(11,117
)
(43,122
)
(41,964
)
(7,271
)
(34,693
)
Segment operating loss
(20,091
)
(1,133
)
(18,958
)
(18,574
)
(2,132
)
(16,442
)
Depreciation
7,926
1,699
6,227
7,623
1,151
6,472
Amortization
1,175
474
701
1,177
386
791
Start-up costs (B)
418
418
-
(289
)
(289
)
-
Acquisition transaction-related costs
24
-
24
209
-
209
Integration costs
101
101
-
-
-
-
Remeasurement of finance lease obligation (C)
(804
)
(804
)
-
-
-
-
Adjusted EBITDA
$
(11,251
)
$
755
$
(12,006
)
$
(9,854
)
$
(884
)
$
(8,970
)
Adjusted EBITDA attributable to noncontrolling interest
(246
)
(1,032
)
786
(5
)
(300
)
295
Adjusted EBITDA attributable to Viad
$
(11,497
)
$
(277
)
$
(11,220
)
$
(9,859
)
$
(1,184
)
$
(8,675
)
Pursuit Operating margin
-58.8
%
-11.3
%
-78.5
%
-79.4
%
-41.5
%
-90.1
%
Pursuit Adjusted EBITDA margin
-32.9
%
7.6
%
-49.7
%
-42.1
%
-17.2
%
-49.1
%
Total GES Adjusted EBITDA: Revenue
$
213,879
$
-
$
213,879
$
160,183
$
-
$
160,183
Cost of services and products
(205,082
)
-
(205,082
)
(155,494
)
-
(155,494
)
Segment operating income
8,797
-
8,797
4,689
-
4,689
Depreciation
2,802
-
2,802
3,746
-
3,746
Amortization
1,122
-
1,122
1,214
-
1,214
Total GES Adjusted EBITDA
$
12,721
$
-
$
12,721
$
9,649
$
-
$
9,649
Total GES Operating margin
4.1
%
4.1
%
2.9
%
2.9
%
Total GES Adjusted EBITDA margin
5.9
%
5.9
%
6.0
%
6.0
%
GES Adjusted EBITDA by Reportable Segment: Spiro
$
5,795
$
5,795
$
6,430
$
6,430
GES Exhibitions
6,926
6,926
3,219
3,219
Total GES
$
12,721
$
-
$
12,721
$
9,649
$
-
$
9,649
Spiro Revenue
$
72,123
$
-
$
72,123
$
54,718
$
-
$
54,718
Spiro Adjusted EBITDA Margin
8.0
%
8.0
%
11.8
%
11.8
%
GES Exhibitions Revenue
$
143,577
$
-
$
143,577
$
108,182
$
-
$
108,182
GES Exhibitions Adjusted EBITDA Margin
4.8
%
4.8
%
3.0
%
3.0
%
(A)
New Experiences comprises the following
attractions and hotel properties that were opened or acquired after
January 1, 2021: Sky Lagoon (opened May 2021), Golden Skybridge
(acquired March 2021 and opened June 2021), FlyOver Las Vegas
(opened September 2021), Glacier Raft Company (acquired April
2022), and Forest Park Hotel (opened August 2022) and costs related
to the development of new experiences.
(B)
Includes costs related to the development
of Pursuit's new FlyOver attractions in Las Vegas, Chicago, and
Toronto, and Forest Park Hotel in Canada.
(C)
Remeasurement of finance lease obligation
represents the non-cash foreign exchange loss/(gain) included
within Cost of Services related to the periodic remeasurement of
the Sky Lagoon finance lease obligation.
VIAD CORP AND SUBSIDIARIES TABLE TWO - NON-GAAP FINANCIAL
MEASURES (CONTINUED) (UNAUDITED) Same-Store - The
term "same-store" is used within this document to refer to results
without the impact of new experiences, if any, until such new
experiences are included in the entirety of both comparable
periods. Management believes that the presentation of "same-store"
results permits investors to better understand Viad's performance
without the effects of new experiences. Year ended December
31, 2022 Year ended December 31, 2021 ($ in thousands) As Reported
New Experiences (Note A) Same-Store As Reported New Experiences
(Note A) Same-Store
Viad Consolidated: Revenue
$
1,127,311
$
43,203
$
1,084,108
$
507,340
$
15,643
$
491,697
Net income (loss) attributable to Viad
$
23,220
$
(92,655
)
Net income attributable to noncontrolling interest
2,323
1,686
Net loss attributable to redeemable noncontrolling interest
(748
)
(1,766
)
Income from discontinued operations
(148
)
(558
)
Net interest expense
34,891
28,324
Income tax expense (benefit)
9,973
(1,788
)
Depreciation and amortization
52,483
53,750
Gain on sale of ON Services
(19,637
)
-
Restructuring charges
3,059
6,066
Impairment charges
583
-
Other expense
2,077
2,070
Start-up costs (B)
2,169
4,744
Acquisition transaction-related costs
1,327
892
Integration costs
237
6
Remeasurement of finance lease obligation (C)
4,157
-
Other non-recurring expenses (D)
151
569
Consolidated Adjusted EBITDA
$
116,117
$
6,929
$
109,188
$
1,340
$
3,286
$
(1,946
)
Adjusted EBITDA attributable to noncontrolling interest
(10,950
)
(4,365
)
(6,585
)
(7,585
)
(2,145
)
(5,440
)
Consolidated Adjusted EBITDA attributable to Viad
$
105,167
$
2,564
$
102,603
$
(6,245
)
$
1,141
$
(7,386
)
Consolidated Adjusted EBITDA by Business: Pursuit
$
67,949
$
6,929
$
61,020
$
42,689
$
3,286
$
39,403
Total GES
61,257
-
61,257
(30,363
)
-
(30,363
)
Total Segment EBITDA
129,206
6,929
122,277
12,326
3,286
9,040
Corporate EBITDA
(13,089
)
-
(13,089
)
(10,986
)
-
(10,986
)
Consolidated Adjusted EBITDA
$
116,117
$
6,929
$
109,188
$
1,340
$
3,286
$
(1,946
)
Pursuit Adjusted EBITDA: Revenue
$
299,327
$
43,203
$
256,124
$
187,048
$
15,643
$
171,405
Cost of services and products
(275,296
)
(49,954
)
(225,342
)
(182,439
)
(20,136
)
(162,303
)
Segment operating income (loss)
24,031
(6,751
)
30,782
4,609
(4,493
)
9,102
Depreciation
31,075
5,371
25,704
27,360
1,611
25,749
Amortization
5,021
1,746
3,275
5,108
1,424
3,684
Start-up costs (B)
2,169
2,169
-
4,744
4,744
-
Acquisition transaction-related costs
1,259
-
1,259
862
-
862
Integration costs
237
237
-
6
-
6
Remeasurement of finance lease obligation (C)
4,157
4,157
-
-
-
-
Adjusted EBITDA
$
67,949
$
6,929
$
61,020
$
42,689
$
3,286
$
39,403
Adjusted EBITDA attributable to noncontrolling interest
(10,950
)
(4,365
)
(6,585
)
(7,585
)
(2,145
)
(5,440
)
Adjusted EBITDA attributable to Viad
$
56,999
$
2,564
$
54,435
$
35,104
$
1,141
$
33,963
Pursuit Operating margin
8.0
%
-15.6
%
12.0
%
2.5
%
-28.7
%
5.3
%
Pursuit Adjusted EBITDA margin
22.7
%
16.0
%
23.8
%
22.8
%
21.0
%
23.0
%
Total GES Adjusted EBITDA: Revenue
$
827,984
$
-
$
827,984
$
320,292
$
-
$
320,292
Cost of services and products
(783,071
)
-
(783,071
)
(371,903
)
-
(371,903
)
Segment operating income (loss)
44,913
-
44,913
(51,611
)
-
(51,611
)
Depreciation
11,914
-
11,914
16,319
-
16,319
Amortization
4,430
-
4,430
4,929
-
4,929
Total GES Adjusted EBITDA
$
61,257
$
-
$
61,257
$
(30,363
)
$
-
$
(30,363
)
Total GES Operating margin
5.4
%
5.4
%
-16.1
%
-16.1
%
Total GES Adjusted EBITDA margin
7.4
%
7.4
%
-9.5
%
-9.5
%
GES Adjusted EBITDA by Reportable Segment: Spiro
$
26,975
$
-
$
26,975
$
(4,279
)
$
-
$
(4,279
)
GES Exhibitions
34,282
-
34,282
(26,084
)
-
(26,084
)
Total GES
$
61,257
$
-
$
61,257
$
(30,363
)
$
-
$
(30,363
)
Spiro Revenue
$
277,641
$
-
$
277,641
$
116,587
$
-
$
116,587
Spiro Adjusted EBITDA Margin
9.7
%
9.7
%
-3.7
%
-3.7
%
GES Exhibitions Revenue
$
557,880
$
-
$
557,880
$
209,529
$
-
$
209,529
GES Exhibitions Adjusted EBITDA Margin
6.1
%
6.1
%
-12.4
%
-12.4
%
(A) New Experiences comprises the following attractions and hotel
properties that were opened or acquired after January 1, 2021: Sky
Lagoon (opened May 2021), Golden Skybridge (acquired March 2021 and
opened June 2021), FlyOver Las Vegas (opened September 2021),
Glacier Raft Company (acquired April 2022), and Forest Park Hotel
(opened August 2022) and costs related to the development of new
experiences. (B) Includes costs related to the development of
Pursuit's new FlyOver attractions in Las Vegas, Chicago, and
Toronto, the Sky Lagoon in Iceland, the Golden Skybridge, and
Forest Park Hotel in Canada. (C) Remeasurement of finance lease
obligation represents the non-cash foreign exchange loss/(gain)
included within Cost of Services related to the periodic
remeasurement of the Sky Lagoon finance lease obligation. (D)
Includes non-capitalizable fees and expenses related to Viad’s
credit facility refinancing efforts.
VIAD CORP AND
SUBSIDIARIES TABLE TWO - NON-GAAP FINANCIAL MEASURES
(CONTINUED) (UNAUDITED) The following
table provides revenue and Adjusted EBITDA for the three months
ended March 31, 2022, along with reconciliations of Adjusted EBITDA
to the nearest GAAP measure, net income attributable to Viad.
2022
($ in thousands) First Quarter
Viad Consolidated: Net
loss attributable to Viad
$
(29,001
)
Net loss income attributable to noncontrolling interest
(1,204
)
Net loss attributable to redeemable noncontrolling interest
(138
)
Income from discontinued operations
(275
)
Net interest expense
5,877
Income tax benefit
(2,582
)
Depreciation and amortization
13,279
Restructuring charges
654
Impairment charges
583
Other expense
638
Start-up costs (A)
431
Acquisition transaction-related costs
418
Other non-recurring expenses (B)
8
Consolidated Adjusted EBITDA
$
(11,312
)
Consolidated Adjusted EBITDA by Business: Pursuit
$
(11,498
)
Total GES
2,720
Total Segment EBITDA
(8,778
)
Corporate EBITDA
(2,534
)
Consolidated Adjusted EBITDA
$
(11,312
)
Pursuit Adjusted EBITDA: Revenue
$
23,784
Cost of services and products
(44,982
)
Segment operating loss
(21,198
)
Depreciation
7,782
Amortization
1,179
Start-up costs (A)
431
Acquisition transaction-related costs
308
Adjusted EBITDA
$
(11,498
)
Pursuit Operating margin
-89.1
%
Pursuit Adjusted EBITDA margin
-48.3
%
Total GES Adjusted EBITDA: Revenue
$
153,576
Cost of services and products
(155,170
)
Segment operating loss
(1,594
)
Depreciation
3,220
Amortization
1,094
Total GES Adjusted EBITDA
$
2,720
Total GES Operating margin
-1.0
%
Total GES Adjusted EBITDA margin
1.8
%
GES Adjusted EBITDA by Reportable Segment: Spiro
$
742
GES Exhibitions
1,978
Total GES
$
2,720
Spiro Revenue
$
42,816
Spiro Adjusted EBITDA Margin
1.7
%
GES Exhibitions Revenue
$
111,831
GES Exhibitions Adjusted EBITDA Margin
1.8
%
(A) Includes costs related to the development of Pursuit's new
FlyOver attractions in Chicago and Toronto, and Forest Park Hotel
in Canada. (B) Includes non-capitalizable fees and expenses related
to Viad’s credit facility refinancing efforts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230209005353/en/
Carrie Long or Michelle Porhola Investor Relations (602)
207-2681 ir@viad.com
Viad (NYSE:VVI)
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